ARAX Holdings Corp, a leading player in digital asset management, announced that it has acquired a 20% stake in The Nemesis, a dynamic open world metaverse platform.
The deal, disclosed on December 5, also includes an option for ARAX to acquire an additional 11% stake in the future.
ARAX Chief Operating Officer Ockert Loubser emphasized the importance of this acquisition, saying it is a step in redefining interactions within the digital sphere.
Nemesis operates on an Ethereum-based token system using NEMS for transactions and in-game rewards. The Metaverse platform also integrates non-fungible tokens (NFTs) to represent various virtual assets, including land, companion characters, and vehicles.
This strategic move means that The Nemesis will be deployed on Core Blockchain, a platform belonging to Core Business Holdings, a subsidiary recently acquired by ARAX. The asset manager separately announced a native core token distribution in November.
This transaction also includes the participation of CorePass, the designated wallet for Core Coin and Core Token. ARAX plans to work with The Nemesis to develop a connector for CorePass using the Unity SDK, improving the usability and reach of digital assets.
The strategic partnership between ARAX and The Nemesis is expected to strengthen digital asset management capabilities within the core business holdings ecosystem. This is expected to increase demand for Core Token and Core Coin while also allowing ARAX to explore new ways to engage customers across a variety of sectors, including fintech, healthcare, and industrial solutions.
ARAX highlighted the growing importance of the metaverse, citing statistics showing the sector has approximately 400 million monthly active users. It is also predicted that by the mid-2030s, Metaverse could generate an economic impact of ā¬489 billion in the EU and $760 billion in the US.
These developments are consistent with the European Union’s strategy to become a leader in virtual world development, as reported by crypto.news last November. The EU aims to strengthen business and reduce dependence on non-EU technological resources, with the European Commission advocating for new standards and global governance in the metaverse.